The highly anticipated initial public offering (IPO) of Philippine fintech giant GCash will push through despite market volatility, though the timing has yet to be determined, Globe chief financial officer Juan Carlo C. Puno said.
During Globe’s annual stockholders’ meeting on Tuesday, Puno said the uncertainty caused by new US tariffs under President Donald Trump does not stop the company from preparing for the IPO.
“The goal is to get GCash to a point where we are push-button ready. So, when the market opens up, if we find the window where the valuations and interests we’re getting are appropriate and acceptable, we will push that button for the IPO,” Puno said.
Globe owns a 36% interest in Globe Fintech Innovations, Inc. (Mynt), the fintech company behind GCash.
GCash was earlier reported to have hired banks, including Citi, Jefferies, and UBS, to work on a domestic IPO of up to $1.5 billion. The IPO could take place as early as the second half of 2025 or in 2026, subject to broader market conditions.
If the listing goes ahead, it would be the Philippines’ biggest ever, surpassing the $1-billion IPO of Philippine food company Monde Nissin in 2021.
Globe president and CEO Ernest Cu in February expressed optimism that regulators in the Philippines will lower the public float requirement of 20% for listed companies, paving the way for GCash’s planned listing.
Cu did not disclose the exact percentage that GCash will sell in a potential listing but said it will be below 20%. He added that Globe is working to remove any kind of private equity overhang that may exist when GCash goes public.
In March, the Securities and Exchange Commission (SEC) said it would allow companies with initial public offerings (IPOs) of over P5 billion to seek relief from the 20% minimum public float requirement.
Under the measure, eligible firms may offer as little as 15% initially, provided they commit to raising the float to at least 20% through follow-on offerings or private placements within three years.
The SEC, however, emphasised that the 20% minimum float remains the standard requirement despite the temporary relief.
The Philippine Stock Exchange (PSE) requires a minimum public float of 20% for listed companies. In Singapore, the SGX only requires a 10% public float, while the Nasdaq in the US has a threshold of 1.1 million shares for a public float.
